Regulatory Alerts2018-01-01
Appendix No. 2 Regarding Application for Approval to Provide a New Payment Service
The Palestine Monetary Authority issued Appendix No. 2 to standardize the regulatory application process for financial institutions seeking approval to launch new payment services. The form mandates that applicants submit a comprehensive economic feasibility study containing a three-year business plan and projected budgets, alongside a detailed written description of the service's operational mechanisms, target audience, and distribution strategy. Additionally, applicants must provide verified documentation proving that all shareholders and the General Manager maintain sound credit performance with no banking defaults.
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